Stock Market Analysis With The Elliott Wave Principle -Dow Jones, S&P 500, Russell 2000, Nasdaq and FX. All charts and commentary on this site are strictly the opinions of the author(s) and are for recreational purposes only. In no way should this be construed as trading advice or a recommendation for investing. See disclaimer at the bottom of the page.
Thursday, November 19, 2009
11/19 - SPX - H&S Finally?
What am I, 1 for 4 on the H&S call? Well I don't care. Gonna point this one out again as a possibility.
I think minuette (iv) is still playing out. I anticipate a completion either near 1100 but no more than 1105. Minuette (v) heads down towards 1085 to complete minute [i].
A bounce for minute [ii] takes her back towards 1105 to finish off the right shoulder. Minute [iii] takes flight and heads towards the lower trendline near 1060. 1060 is the expected target for the H&S. This would also fill the gap at 1070.
Of course an impulsive bounce off 1060 would make me question if this would be considered a minute [i] down.
But of course all this is getting way ahead. Let's just see what happens.
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